Hyderabad based digital and entertainment start-up SillyMonks has raised Rs 3 crore from HNI Sreenivasa Reddy Musani, CMD EKTHA Group. The deal, marked as the largest HNI investment in this space in South of India, will help SillyMonks augment their market leadership and to introduce new digital media properties.
“SillyMonks has shown potential in its growth and is well placed to be part of new digital revolution in India in the coming years, said Sreenivasa Musani.
Revealing the details of the investment, Sanjay Reddy, Founder and Managing Director of SillyMonks, said the funds raised will further secure and maximise ROI for our clients, 'by delivering new digitally immersive online experiences to a highly connected customer base and help create innovative original content'.
In the immediate short term SillyMonks plans to launch six web series properties on their YouTube channel “SILLY TUBE” encouraged by the stupendous success of first Telugu web series MuddapappuAvakai produced by Pink Elephant Pictures under SillyMonks Network.
A start-up venture founded by Media & Entertainment Specialist Sanjay Reddy and Anil Pallala inSeptember 2013, SillyMonks is keen to expand its domination in content aggregation, customisation, and deployment of contents in audio and video format for mobile carriers, devices, and music stores both in India and in world markets.
Outlining its services and brand strengths in the market Reddy said, "We have a multitude of popular digital media properties like MonkStar and over 650+ YouTube Channels with original content.We are looking at adding compelling content and options to brands and agencies eager to connect with the critical and growing digital demographics, in the online &television market space with a profitable combination of technology and content.”
The digital media product consumption in this segment is currently pegged at Rs 8,000 crore ($ 1.2 billion) and expected to grow at a CAGR of 33.5 percent to reach Rs 25,500 crore ($3.9Billion) by 2020 in India.
In June 2014, SillyMonks had raised a nominal fund from an angel investor Korrapati Ranganatha Sai of Vaaraahi Chalana Chitram, a well-known producer and known for many movie hits like Rajamouli’s Eega (Makhi) & Legend.
SillyMonks clocked revenues of Rs 4.75 crore in 2015-16 and in the current year the company anticipates 50 percent growth.